3Com Switches To Profitability In Q4
Marlborough-based 3Com Corp. swung from deep losses in the fourth quarter of the 2008 fiscal year to profitability for the quarter and year ended May 29.
The company reported net income of $20.2 million for the fourth quarter compared to a net loss of $166.7 million for the same period a year ago. Revenue for the quarter decreased to $295.1 million from $321.3 million last year.
For the full fiscal year, the communications network equipment maker reported net income of $176.7 million compared to $94.9 million the prior year. Revenue for the year was $1.3 billion, virtually unchanged from 2008.
The company also generated $84.1 million in cash from operations in the fourth quarter and $280.5 million during the year. It is currently holding $644.2 million in cash and short-term investments.
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